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EXHIBIT 12.1
FLOWSERVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions, except ratios)
YEAR ENDED DECEMBER 31,
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1995 1996 1997 1998 1999
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Earnings to Fixed Charges:
Pretax earnings (loss) before taxes on income $ 88.4 $ 108.4 $ 89.8 $ 73.2 $ 18.2
Adjustments:
Fixed Charges 16.7 17.1 18.3 17.3 20.4
Capitalized interest 0.2 0.9
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Earnings before taxes and fixed charges as adjusted 105.1 125.5 108.1 90.3 37.7
Fixed Charges:
Interest Expense 12.3 12.1 13.3 13.2 15.5
Capitalized interest 0.2 0.9
Amortization of debt discount
Amortization of capitalized expenses related to debt 0.2
Interest portion of rent 4.4 5.0 5.0 3.9 3.8
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Total Fixed Charges $ 16.7 $ 17.1 $ 18.3 $ 17.3 $ 20.4
Earnings to Fixed Charges 6.3 7.3 5.9 5.2 1.8
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PRO FORMA
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED PRO FORMA ENDED
JUNE 30, 1999 JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30,2000
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Earnings to Fixed Charges:
Pretax earnings (loss) before taxes on income $ 28.6 $ 37.4 $ (35.4) $ (7.4)
Adjustments:
Fixed Charges 10.9 17.3 50.6 10.6
Capitalized interest .5 0.5 .9 .5
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Earnings before taxes and fixed charges as adjusted 40.0 54.2 16.1 2.7
Fixed Charges:
Interest Expense 7.2 13.6 41.1 5.8
Capitalized interest .5 0.5 .9 .5
Amortization of debt discount -- -- .5 .3
Amortization of capitalized expenses related to debt .1 .1 1.9 .9
Interest portion of rent 3.1 3.1 6.2 3.1
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Total Fixed Charges $ 10.9 $ 17.3 $ 50.6 $ 10.6
Earnings to Fixed Charges 3.6 3.1 .4 .3
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